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Struggling mortgage holders `should seek advice` Remortgage enquiries `rise in June` Mortgage approvals `up in June` UK mortgage market remains weak, CML says Consumers `should avoid lying on mortgage applications` BoE releases Trends in Lending report Brits `prioritising debt repayment` "Sensible lending" needs to be restored for home buying Many households `to miss mortgage payments` Homeowners `increasingly paying off mortgage debt` Booklet produced for those facing mortgage repayment problems Local authority defends decision to offer 100% mortgages Mortgage lending levels `still low` CML welcomes campaign on repossessions Consumers `increasingly offsetting savings against mortgages` Banks `should be encouraged to provide more mortgages` Younger and richer people `benefiting more from mortgage reductions` Bank of England cuts base rate Negative equity `concerning UK mortgage holders` Interest rate cuts `were not anticipated by consumers`

Many households `to miss mortgage payments`

16/04/2009

A considerable number of households in the UK are expected to miss at least one mortgage payment over the next year, it has been claimed.

According to an article in the Times, more than one million households will be in this position as a result of redundancy or sharp falls in income.

The publication added that other homeowners may fall into arrears with their mortgages because of "less critical reasons", such as being paid late, going away on holiday or switching bank accounts.

Melanie Bien of mortgage broker Savills Private Finance said: "Homeowners are under a huge amount of pressure, mistakes do happen and it is easy to slip up."

She added that the costs can quickly add up and can impact on consumers` credit reports - which could be critical if people wish to remortgage with another lender.

Ms Bien went on to claim that banks and building societies are currently looking at credit histories "more closely than ever".

Earlier this month, Adrian Lowcock, senior investment adviser at Bestinvest, said homeowners are increasingly prioritising paying down their debt as opposed to trading up on the property ladder.

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